TREFINA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
TREFINA
Largest movements
- Cash -€68,756
down €68,756 (-59.5%), from €115,564 to €46,808
mainly Investment in fixed assets (net) (-€69,259) and Debts after one year (-€42,336)
- Tangible fixed assets +€40,840
up €40,840 (+20.2%), from €202,077 to €242,917
of which Land and buildings: +€40,292
- Debts after one year -€42,336
down €42,336 (-45.0%), from €94,179 to €51,843
of which Other amounts payable: -€42,336
- Current portion of long-term debt +€15,687
up €15,687 (+61.1%), from €25,668 to €41,355
- Profit (loss) carried forward -€5,214
down €5,214 (-106%), from -€4,917 to -€10,131
- Depreciation +€6,732
up €6,732 (+31.0%), from €21,686 to €28,419
- Gross operating margin +€3,610
up €3,610 (+13.7%), from €26,311 to €29,921
- Financial charges -€1,271
down €1,271 (-29.2%), from €4,357 to €3,087
From the 2023 result to the 2024 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €324,851 | €295,623 | -€29,228 | -9.0% |
| Fixed assets | 21/28 | €202,077 | €242,917 | +€40,840 | +20.2% |
| Tangible fixed assets | 22/27 | €202,077 | €242,917 | +€40,840 | +20.2% |
| Land and buildings | 22 | €202,077 | €242,369 | +€40,292 | +19.9% |
| Furniture and vehicles | 24 | - | €548 | +€548 | |
| Current assets | 29/58 | €122,774 | €52,706 | -€70,069 | -57.1% |
| Current investments | 50/53 | €5,614 | €5,614 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €115,564 | €46,808 | -€68,756 | -59.5% |
| Deferred charges and accrued income | 490/1 | €1,596 | €284 | -€1,312 | -82.2% |
| Total equity and liabilities | 10/49 | €324,851 | €295,623 | -€29,228 | -9.0% |
| Equity | 10/15 | €149,905 | €144,691 | -€5,214 | -3.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €148,622 | €148,622 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,622 | €28,622 | = | 0.0% |
| Reserves not available under the articles | 1311 | €28,622 | €28,622 | = | 0.0% |
| Distributable reserves | 133 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,917 | -€10,131 | -€5,214 | -106% |
| Amounts payable | 17/49 | €174,947 | €150,932 | -€24,014 | -13.7% |
| Amounts payable after more than one year | 17 | €94,179 | €51,843 | -€42,336 | -45.0% |
| Financial debts | 170/4 | €6,500 | €6,500 | = | 0.0% |
| Other amounts payable | 178/9 | €87,679 | €45,343 | -€42,336 | -48.3% |
| Amounts payable within one year | 42/48 | €80,768 | €96,454 | +€15,687 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €25,668 | €41,355 | +€15,687 | +61.1% |
| Trade debts | 44 | €3,598 | €4,889 | +€1,292 | +35.9% |
| Suppliers | 440/4 | €3,598 | €4,889 | +€1,292 | +35.9% |
| Other amounts payable | 47/48 | €51,502 | €50,210 | -€1,292 | -2.5% |
| Accrued charges and deferred income | 492/3 | - | €2,635 | +€2,635 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,686 | €28,419 | +€6,732 | +31.0% |
| Other operating charges | 640/8 | €3,704 | €3,806 | +€102 | +2.8% |
| Gross operating margin | 9900 | €26,311 | €29,921 | +€3,610 | +13.7% |
| Operating profit (loss) | 9901 | €920 | -€2,304 | -€3,224 | |
| Financial income | 75/76B | €155 | €252 | +€97 | +62.8% |
| Recurring financial income | 75 | €155 | €252 | +€97 | +62.8% |
| Financial charges | 65/66B | €4,357 | €3,087 | -€1,271 | -29.2% |
| Recurring financial charges | 65 | €4,357 | €3,087 | -€1,271 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,282 | -€5,138 | -€1,856 | -56.6% |
| Income taxes | 67/77 | €42 | €76 | +€33 | +78.8% |
| Profit (loss) for the period | 9904 | -€3,324 | -€5,214 | -€1,890 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,324 | -€5,214 | -€1,890 | -56.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.